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Sunday, October 22, 2017

BLUDWORTH BOND SHIPYARD

Sparre to Retire from Bollinger After 51 Years

Bollinger Texas City announces Max Sparre’s upcoming retirement after 51 years of service to the shipyard industry, and names Monty Bludworth as BTC’s General Manager.

Bollinger Texas City, L.P., (BTC) a Bollinger Shipyards, Inc. facility, announced the upcoming retirement of its Vice President and General Manager, Max Sparre. Sparre’s retirement was announced by Bollinger Executive Vice President, Ben Bordelon, giving an overview of Sparre's 51 years of service to the shipyard industry and the Bollinger group of shipyards.  In addition to the announcement of Sparre’s upcoming retirement early next year, Bordelon also announced that Monty Bludworth, Assistant General Manager at Bollinger's Texas City facility, will move into the position of General Manager immediately. The career of Max Sparre started back in Brunswick, Georgia at the age of 12, working beside his father in the family’s boat yard. After his tour in the US Air Force, Sparre relocated to Texas to a career in the shipyard industry with companies such as Hollywood Boat Works, Bludworth Shipyards, New Park Ship Repair, Bludworth Bond Shipyards, and Halter Marine. In 2000, Bollinger purchased the Texas City facility, and Max has been a vital member of the Bollinger family since. When asked about his years in the industry Sparre said, “I am proud to have had a major role in building Bollinger Texas City into the strong shipyard that it is today. For the past 26 years I have been fortunate to work with some very good people at Bollinger Texas City. I consider them my family, and for this I am very grateful

Friede Goldman Halter Withdraws Junk Bond Sale

Friede Goldman Halter Inc. has shelved a junk bond sale expected to total $150 million because it wouldn't pay the high yields investors demanded. The company said it is evaluating alternative financing strategies. Friede Goldman Halter had been expected to privately sell seven-year senior secured notes with a yield of about 12 percent, market sources said. RBC Dominion Securities Inc. was arranging the sale, which was originally expected to be completed last week.

Trade Dept. Says No Change for Cammell Laird Offer

The UK Department of Trade and Industry (DTI) made no change to its aid offer to British shipbuilder and repairer Cammell Laird, stoking concerns the firm could lose a $500 million contract. Bonds issued by the troubled company have halved in price over the past week as fears grow that the company will not make its first interest rate payment, due on April 15, bankers said. The debt is now worth just 10 cents to the euro.

MOL Completes Settlement, 13th Unsecured Bonds

Mitsui O.S.K. Lines, Ltd. (MOL) announced that the company determined the terms and conditions for the issuance of its 13th series of unsecured bonds (with inter-bond pari passu clause) on December 11, 2009, and completed the issuance and payment on December 17. The details are as follows: 1. Background and objectives for issuance of the 13th series domestic unsecured bonds (with inter-bond pari passu clause) When raising funds to bolster business activities

Los Angeles Port Issues $35.2 mln in 'Green' Bonds

The Port of Los Angeles

The Port of Angeles has expanded its commitment to sustainability by issuing $35.2 million in green bonds as part of a larger debt refinancing successfully completed this week. The move marks the first time a U.S. port has entered the growing sustainability bond market where investors support projects and companies making positive social and environmental change.   “Running a competitive and environmentally responsible port permeates every facet of our operations

Teekay LNG Completes Norwegian Bond Issuance

Oak Spirit LNG carrier. Photo: Teekay LNG Partners

 Teekay LNG Partners has successfully issued NOK 300 million (USD 35 million) in new senior unsecured bonds through an add-on to its existing Norwegian bonds due in October 2021.    All payments will be swapped into a US dollar fixed-rate coupon of approximately 7.75%.   The net proceeds from the bonds are expected to be used for refinancing of existing bonds and/or general partnership purposes

Cammell Laird Conducts Strategic Review

Bonds issued by British shipbuilder Cammell Laird held steady at deeply-discounted levels on Tuesday after the company unveiled a strategic review which could include a debt restructuring. Investors quoted Cammell's 125 million euro high-yield bond due October 2010 at 11 to 13 percent of face value at around 1245 GMT, down by around half a percentage point from Tuesday's opening. The bonds have been trading at levels that clearly imply default for some time, dealers said

Norec Summons to bondholders' meetings

  In the previous stock exchange notices where Norwegian Energy Company ASA has informed of expected impairments of Oselvar and Huntington and negative developments in production performance, including its announcement on 19 November 2014 where it was reported that deferral of certain bond payments due on 9 December 2014 would need to be obtained. As also stated in connection with its Q3 earnings release on 28 November 2014

SCIGRIP Transforms Hovercraft Assembly Process

Photo courtesy of Hoverwork

Griffon Hoverwork, a designer and manufacturer of technically advanced hovercrafts, has collaborated with SCIGRIP, the global supplier of smarter adhesive solutions, in the development and production of their latest vessel. The newly completed 12000TD is a 22 meter passenger craft and represents a significant shift in manufacturing techniques for the UK hovercraft company.   The 12000TD craft has been specially commissioned by Hovertravel

Drewry Launches Credit Research Services

APMA CMA CGM HL Bond Map

 Drewry Financial Research Services Ltd., the investment research arm of global shipping consultancy Drewry, launched  a new credit research service on the global maritime sector. Through this extension to its established maritime equity research offering Drewry is now able to provide a full investment research service which includes in-depth analysis of the credit instruments that underpin corporate capital structure and provide an investment proposition in asset allocation for

MPC Containerships to Use USD 100mln Bond Proceeds for Fleet

Image: MPC Container Ships Invest B.V

 MPC Container Ships Invest B.V., a wholly owned subsidiary of Oslo-listed MPC Container Ships AS, has successfully completed the issuance of a new senior secured bond issue of USD 100 million.    The bond issue has a 5 year tenor, carries a floating interest rate of 3m LIBOR + 4.75% and has a borrowing limit of USD 200 million. The bond issue received strong demand and was oversubscribed.   The net proceeds from the bond issue will be used to finance acquisitions of

ICS Names Cresswell Marine Committee Chairman

Martin Cresswell (Photo: ICS)

The Board of Directors of the International Chamber of Shipping (ICS) has appointed Martin Cresswell, Technical Director of the Hong Kong Shipowners Association, as the new Chairman of the ICS Marine Committee.     He succeeds Peter Bond (Cyprus Shipping Chamber) who recently stood down following four years of service as Chairman of ICS’s principal technical committee.   “The Marine Committee is very much the engine room of ICS

World Marine Wins Bid to Repair USACE Dredger

Dredge Wheeler in World Marine’s drydock (Photo: World Marine of Alabama)

World Marine of Alabama (WMA) said it has won a contract to drydock and repair the Dredge Wheeler, a hopper dredge owned and operated by the U.S. Army Corps of Engineers (USACE).   Since the Wheeler’s commissioning at Avondale Shipyards in 1982, WMA’s facility in Mobile, Ala. has drydocked and repaired the Dredge Wheeler on many occasions, including a complete repowering of the vessel in 2012. As the largest and most powerful hopper dredge in the USACE fleet

IWAI Raises Funds Through Bonds

Image: Water Resources Information System of India

The Inland Waterways Authority of India (IWAI) has raised Rs. 660 crore (USD 102mln) as “Government of India(GOI) Fully Serviced Bonds”. The resources raised by way of bonds are in addition to the budgetary support from the Government of India.    The Government had taken a decision to enable IWAI to raise Rs 660 crore through GOI Fully Serviced Bonds in 2017-18.   The IWAI had engaged arrangers, credit rating agencies

HSH Nordbank Rejects Rickmers Restructure

Photo: Rickmers Group

 Board of HSH Nordbank AG has surprisingly denied approval of the term sheet regarding the financial restructuring of the Rickmers Group, says a press release from the group.   Rickmers Holding AG strives for restructuring in self-administration on the basis of continuation of the business and vessel operations, the release said.   On 19 April 2017, Rickmers Holding AG reached an understanding with, inter alios

Indian Naval Ship Sahyadri Visits Papua New Guinea

Photo: Indian Navy

 Indian Naval Ship Sahyadri has visited Papua New Guinea on its four-day overseas deployment to the Southeast Asia and Southern Indian Ocean aimed to strengthen existing bonds between the two countries.   The ship would be on a port visit to Moresby from 12 June  to 15 June 2017.  The visit of the Indian Naval Ships seeks to underscore India’s peaceful presence and solidarity with friendly and harmonious countries towards ensuring good order in the maritime domain

Eastern Fleet Ships Enter AUSINDEX-17

Indias Eastern Fleet Ship INS Shivalik entering Freemantle port to participate in AUSINDEX-17 a bilateral maritime exercise with Australian Navy. Photo: Indian Navy

 In pursuance of India’s ‘Act East’ policy, Eastern Fleet under the command of Rear Admiral Biswajit Dasgupta, YSM, VSM, the Flag Officer Commanding Eastern Fleet are on an overseas deployment to the South East Asia and Southern Indian Ocean.    Indian Naval Ships Jyoti, Shivalik and Kamorta are on a port visit to Freemantle, Australia from 13 June to 17 June 2017.  Vice Admiral HCS Bisht, PVSM, AVSM, ADC

Lockport, Louisiana is 'Cutter Country'

USCGC Benjamin Dailey, the 23rd Fast Response Cutter (FRC) that Bollinger Shipyards has delivered the to the U.S. Coast Guard. (Photo: Bollinger Shipyards)

Chris Remont, Bollinger Shipyards, Vice President, Government Programs, explains the importance of long-term relationship between the U.S. Coast Guard and Bollinger Shipyards.   As the offshore oil and gas bust drags into its third year, Bollinger Shipyards is holding its own courtesy of a long-running relationship in building for the United States Coast Guard (USCG). In Louisiana, a land where oil and gas, OSVs, workboats and fishing vessels traditionally rule the maritime landscape

CEFC Bags Bunker Licence for Zhoushan Free Trade Zone, China

Image: CEFC China Energy Company Limited

 CEFC China Energy was awarded a licence by Zhoushan Free Trade Zone for supply  marine bunker fuel off the east coast of China to vessels on international voyages, reports Reuters.   The report quoted two CEFC officials saying that the license is to supply bunker fuel from bonded storage to vessels that call at the Zhoushan area.    The Zhoushan Free Trade Zone is in the coastal province of Zhejiang and is a new free trade zone the Chinese government approved

Hapag-Lloyd Issues Euro Bond Worth EUR 300mln

Photo: Hapag-Lloyd

 Hapag-Lloyd AG, a leading global container shipping company, launched a euro bond offering with a volume of EUR 300 million and a maturity of seven years.    The proceeds will be used for the early redemption of the company’s euro bond due in 2018 and the early partial redemption of the euro bond due in 2019. Currently, the redemption is envisaged for October this year.   Hapag-Lloyd is one of the leading companies in the industry and generated an EBITDA of EUR

Daewoo May Sell Mangalia Shipyard to Damen

Last delivery of Crude Oil Tanker to Tsakos Energy Navigation. Photo: Daewoo-Mangalia Heavy Industries.

 Daewoo Shipbuilding & Marine Engineering (DSME) will sell the subsidiary of Mangalia Shipyard Romania to a Dutch builder Damen Shipyard Group, reported local media. Damen already owns in Romania a shipyard in Galati.   Korea Economic Daily also said that Damen is in talks to purchase the local shipyard from South Korean group DSME.   Quoting unnamed sources, the reports say that on June 20, DSME completed its final talk with the largest shipbuilder of the Netherlands

Gulf Navigation Issuing $250 million in Bonds by September

Dubai's Gulf Navigation Holding , a listed shipping firm, plans to issue $250 million in sukuk, or Islamic bonds, in late August or early September, the group's chief executive said on Monday.   The company has appointed First Abu Dhabi Bank to lead the transaction, the proceedings of which will be used to back the company's expansion plans, Khamis Juma Buamim told reporters at a press conference.   Gulf Navigation is targeting revenue growth of 300 percent by 2021, the CEO said

Liquid Services Celebrates 25th Anniversary

Regional tankerman service Liquid Services, LLC, is celebrating 25 years of operation on the inland waterways.   In what started as a mom and pop shop in Paducah, Ky., in 1992, has flourished into a fully licensed, bonded, and dangerous liquid endorsed tankerman service specializing in safe and cost-effective transfer of liquid materials for the marine industry.   “We are family owned, and family operated,” said Philip Chapman, owner and operator of Liquid Services

Inland Waterways Authority of India to Raise USD 103 mln Through Bonds

Work at Dhubri Ro-Ro Terminal at Guwahati. Photo: Inland Waterways Authority of India (IWAI)

 The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the Revalidation of permission to raise Extra Budgetary Resource (EBRs) of INR 660 crore (USD 103 mln) as Government of India Bonds by Inland Waterways Authority of India (IWAI) in 2017-18.    The proceeds from the bonds will be utilized by IWAI for development and maintenance of National Waterways (NWs) under National Waterways Act, 2016 (effective from 12.4.2016)

MARAD Awards $9.8 Mln to US Shipyards

© wi6995 / Adobe Stock

Aiming to support shipbuilding modernizations that will increase productivity and allow U.S. shipyards to compete more effectively in global markets, the U.S. Department of Transportation’s Maritime Administration (MARAD) has awarded $9.8 million to 18 U.S. yards through its Small Shipyard Grant Program.   “Small shipyards play a significant role in our country’s maritime sector, which contributes to our economy, security, and infrastructure,” said U.S

Maritime Reporter Magazine Cover Oct 2017 - The Marine Design Annual

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